2012 Kentucky Revised Statutes CHAPTER 230 HORSE RACING AND SHOWING 230.804 Kentucky horse breeders incentive fund -- Funding sources -- Distribution of moneys -- Administrative regulations -- Kentucky Horse Racing Commission to administer fund.
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230.804 Kentucky horse breeders incentive fund -- Funding sources -- Distribution
of moneys -- Administrative regulations -- Kentucky Horse Racing
Commission to administer fund.
(1)
(2)
There is hereby created in the State Treasury a trust and revolving fund designated
as the "Kentucky horse breeders incentive fund." The fund shall be administered by
the Kentucky Horse Racing Commission. For tax periods beginning on or after June
1, 2005, seven percent (7%) of all receipts collected under KRS 139.531(1)(a) from
the sales and use tax on the fees paid for breeding a stallion to a mare in Kentucky
shall be deposited in the fund together with any other money contributed,
appropriated or allocated to the fund from all other sources. The money deposited in
the fund is hereby appropriated for the uses set forth in this section. Any money
remaining in the fund at the close of any calendar year shall not lapse but shall be
carried forward to the next calendar year. The fund may also receive additional state
appropriations, gifts, grants, and federal funds. All interest earned on money in the
fund shall be credited to the fund.
(a) The Kentucky Horse Racing Commission shall use moneys deposited in the
Kentucky horse breeders incentive fund to administer the fund and provide
rewards for breeders or owners of horses bred and foaled in Kentucky.
(b) The Kentucky Horse Racing Commission shall promulgate administrative
regulations establishing the conditions and criteria for the distribution of
moneys from the fund.
(c) The Department of Revenue may promulgate administrative regulations
establishing the procedures necessary to determine the correct allocation of
sales tax receipts described in subsection (1) of this section.
(d) As soon as practicable after the close of each calendar year, the racing
commission shall disburse to breeders of horses moneys in the Kentucky horse
breeders incentive fund to be used to promote, enhance, improve, and
encourage the further and continued development of the horse industry in
Kentucky, under the administrative regulations promulgated pursuant to
paragraph (b) of this subsection.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 493, effective July 15, 2010. -- Amended
2006 Ky. Acts ch. 234, sec. 2, effective April 22, 2006. -- Created 2005 Ky. Acts
ch. 168, sec. 135, effective June 1, 2005.
Legislative Research Commission Note (4/22/2006). 2006 Ky. Acts ch. 234, sec. 4,
provides that the Act, which included an amendment to this statute, shall be known as
the "2006 Kentucky Equine Competitiveness Act."
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